Industry News by Nemesis

First Gahcho Kué Diamond Sale Slated for 4Q

August 15, 2016

Mountain Province Diamonds confirmed the first sale of rough from its Gahcho Kué mine is expected to be held in the fourth quarter.

Initial sales will be of “pre-commercial” production, a term for the mine’s output until it achieves 70 percent of capacity. Sales will then take place approximately every five weeks. The mine is on track to achieve commercial production in January 2017.

Rough diamond output will be around 1 million carats by the end of the year, of which about 500,000 carats will go to Mountain Province, Patrick Evans, the miner’s president and chief executive officer, told Rapaport News earlier this year.

Mountain Province owns 49 percent of the mine and will receive that proportion of Gahcho Kué’s run-of-mine production, with 51 percent owner De Beers taking the rest.

Mountain Province narrowed its loss 94 percent to $272,159 (CAD 351,915) in the second quarter ending June 30, the miner also said.